He took on the finance portfolio in October 2015 following a Cabinet reshuffle after the September General Elections last year.

He is also the current chairman of the Committee on the Future Economy, a high-level committee tasked to chart Singapore's next phase of economic transition.

Mr Heng was first elected as a member of parliament after the 2011 General Elections, and later helmed the Ministry of Education from May 2011 to September 2015.

Prior to holding political office, he served as managing director of the Monetary Authority of Singapore from 2005 to 2011.

He also chaired the SG50 steering committee that oversaw celebrations to commemorate Singapore's 50th year of independence in 2015.

Amendment note: An earlier version of this article misstated the year in which Mr Heng's tenure as Education Minister ended. He relinquished the post in September 2015, not September 2011. The article above has been corrected to reflect this.